火箭项目落地更是企业与城市的双向奔赴，为钱塘全球先进制造业基地主平台建设再添新引擎。箭元科 技不仅填补了钱塘航天板块的空白，更有望发挥产业链"链主"的带动作用，构建"核心自研+开放协 同"的产业生态。 箭元科技成立于2022年，是一家专注于中大型可重复使用液体运载火箭研发与制造的民营商业航天企 业。此次落户钱塘的基地，项目一期规划用地面积约7.2万平方米，总投资52亿元，是国内首个海上回 收复用火箭产能基地。企业创始人魏一透露，这座基地将承载"杭州制造"火箭的核心产能，最快于2026 年年底，让完全自主研发制造的"钱塘号"可回收火箭成功发射，并按预定计划实施海上回收。"钱塘 号"火箭箭体高66米、直径4.2米、起飞质量575吨，兼具大运力、低成本、快交付、高频次重复使用的 多重特性，其中"可实现20次重复发射"是其最突出的亮点。 谈及为何将该项目落址钱塘，魏一表示，钱塘加快建设全球先进制造业基地主平台的战略布局与产业平 台优势，正是吸引企业落户的亮点。事实上，钱塘已在航空航天领域提前布局，该区已汇集西子航空、 华瑞航空等近40家航空航天企业，涵盖航空复合材料生产、航空结构件及零部件制造、航空制造装备生 产、无 ...

相关图片箭元科技官方 观察者网了解到，1月7日，箭元科技在杭州钱塘区举行了中大型液体运载火箭总装总测及回收复用基地项目的开工仪式。 仪式上，箭元科技与玻色量子、地卫二、二维超材三家企业共同签署了战略合作协议。 据悉，该基地是国内首个专注于海上回收复用火箭的规模化生产基地，也是首个不锈钢火箭超级工厂。 项目总投资约52亿元，规划建设回收复用中心、检测检验中心和生产制造中心，建成后预计可年产25发火箭，并具备火箭回收后的快速检测、维修与重复使 用能力。 箭元科技将在此基地制造的首枚火箭命名为"钱塘号"。"钱塘号"即箭元科技的核心产品"元行者一号"，该火箭全长66米，直径4.2米，起飞质量575吨，具备 大运力、低成本、快速交付和可高频次复用的特点。 此前，蓝箭航天旗下的"朱雀三号"火箭就使用的是液氧甲烷发动机和不锈钢壳体。 据悉，液氧甲烷发动机和不锈钢壳体是当天商业航天中备受关注的两大方向。甲烷燃烧干净、不易积碳，可维护性和可复用性高。从复用性、维护性长远来 看，具有成本优势。不锈钢壳体也是相当经济的选择，是在为未来火箭极致的成本控制铺路。 有行业人士对观察者网表示，液氧甲烷的优势在于为"重复使用"而生。它燃烧清 ...

其中，有望成为中国商业火箭第一股的蓝箭航天，备受市场关注。自去年12月初朱雀三号首飞成功后，蓝箭航天热度飙 升，IPO已于日前火速过审。 登录新浪财经APP 搜索【信披】查看更多考评等级 蓝箭航天一路绿灯的上市进程中，新增了变数。 1月5日，中国证券业协会公布2026年第一批首发企业现场检查抽签名单，随机抽取结果为，洛轴股份、频准激光、粤芯 半导体、汉诺医疗、九安智能、猎奇智能、高凯技术、韬盛科技、中盐股份、锐石创芯、蓝箭航天。其中科创板IPO最 多，共计6家。 上述11家IPO分别由中信建投、中信建投、广发证券、中信证券、申万宏源、国泰海通证券、国泰海通证券、华泰联合 证券、中信建投、广发证券、中金公司保荐。 此次被现场抽查，引发了市场对蓝箭航天IPO进程的担忧。1月6日早间，商业航天板块一度下跌。 2025年，中国证券业协会公布过三批抽查名单，共16家。截至目前，这些首发企业暂无一家通过审核成功上市，但也无 一家撤单，并有6家已通过审核。 如果蓝箭航天被现场检查的"成绩单"不合格，可能阻碍其IPO之路。目前，中科宇航、天兵科技、星河动力、星际荣耀 四家公司在等待IPO被受理。 1月6日，智通财经就上述事宜 ...

图片来源：蓝箭航天官网 智通财经记者 | 陈慧东 中证协1月5日公布了2026年第一批首发企业现场检查抽签名单，蓝箭航天空间科技股份有限公司（下 称"蓝箭航天"）等6家申报科创板IPO企业被抽中现场检查。 智通财经统计发现，2025年年内，多家首发企业被监管部门抽中现场检查。与过去"一查就撤"的情况有 所不同，截至最新，2025年被抽中现场检查的16家企业暂未有撤材料的情况。被抽中的16家企业中，有 6家已通过审核。 2025年最后一日，蓝箭航天正式递交招股说明书，计划于科创板上市，成为商业航天领域首家冲刺国内 资本市场的公司。 蓝箭航天本次拟发行不低于4000万股，占发行后总股本的10%，募集资金75亿元将全部投向可重复使用 火箭产能提升与技术提升两大核心项目。 作为国内液氧甲烷可重复使用火箭的先行者，蓝箭航天在国内民用商业火箭的技术及规模地位均处于头 部。然而，在政策红利与市场蓝海背后，持续亏损的盈利现状、高壁垒的技术难题，也为其上市之路埋 下多重考验。 多名火箭领域的技术人士向智通财经分析，从行业现状来看，蓝箭航天可能至少需要五年甚至更长时间 才能实现盈利。 一名航天一院研发部门人士向智通财经表示，"行 ...

Industry Overview - The aerospace industry is witnessing significant developments with the IPO application of Blue Arrow Aerospace, marking a pivotal moment for commercial space ventures in China [2][3] - The expansion of the Sci-Tech Innovation Board's fifth listing standard to include commercial rocket companies signifies a broader acceptance of diverse industries in the capital market [2] Company Insights - Blue Arrow Aerospace, established in 2015, is a leading commercial aerospace company in China, focusing on the research, production, and launch services of liquid oxygen-methane engines and rockets [3] - The company successfully launched the Zhuque-3 reusable rocket on December 3, 2025, representing China's first attempt at first-stage recovery [3] - Despite currently operating at a loss, Blue Arrow Aerospace meets the requirements of the fifth listing standard, with an expected market valuation of no less than 4 billion [3] - The company aims to raise 7.5 billion for enhancing the production capacity and technology of reusable rockets, which is anticipated to significantly lower launch costs and foster the growth of downstream applications [4] Market Impact - The successful IPO of Blue Arrow Aerospace is expected to instill confidence in capital markets, providing a clear path for similar companies and attracting more venture capital into the sector [4] - The fundraising will focus on improving the capacity and technology of reusable rockets, which is likely to accelerate the maturation of China's commercial aerospace industry and enhance its international competitiveness [4] - The domestic aerospace sector is rapidly advancing, with significant technological breakthroughs and system developments, as evidenced by the successful maiden flights of the Long March 12 and Zhuque-3 rockets [4]

Core Viewpoint - Blue Arrow Aerospace has made significant progress in its IPO process, with its application accepted for listing on the STAR Market, aiming to raise 7.5 billion yuan for enhancing reusable rocket capacity and technology [1][8]. Group 1: Company Overview - Founded in 2015, Blue Arrow Aerospace is the first private rocket company globally to successfully launch a liquid oxygen-methane rocket into orbit [1]. - The company has developed the Zhuque-2 and Zhuque-3 rockets, with Zhuque-2 being the first liquid-fueled rocket in China's private commercial space sector to enter mass production [1][5]. - The company has a strong focus on developing reusable rocket technology, which is expected to significantly reduce launch costs [5][8]. Group 2: Financial Performance - Blue Arrow Aerospace reported revenues of 782,900 yuan in 2022, 3.95 million yuan in 2023, and projected 4.28 million yuan in 2024, with net losses of 800 million yuan, 1.19 billion yuan, and 876 million yuan respectively [6][7]. - The company has incurred substantial R&D expenses, totaling 4.87 billion yuan in 2022, 8.30 billion yuan in 2023, and 6.13 billion yuan in 2024 [6][7]. Group 3: Investment and Funding - The IPO aims to raise 7.5 billion yuan, with nearly 3 billion yuan allocated for building reusable rocket production capacity [8]. - Blue Arrow has secured contracts with China Star Network and Yuanxin Satellite for launch services, indicating strong market demand for its technology [8]. - The company has attracted significant investment from various venture capital firms and state-owned funds, reflecting confidence in its business model and technology [9][11]. Group 4: Market Context - The commercial space industry in China is experiencing rapid growth, with increasing demand for low-cost, high-frequency launch services [8]. - Blue Arrow's focus on liquid oxygen-methane technology aligns with global trends in reusable rocket development, as demonstrated by SpaceX's success [5][11]. - The company's IPO is expected to generate interest in the A-share market, influencing the stock prices of related companies [12][13].

据上交所官网，2025年12月31日，蓝箭航天空间科技股份有限公司科创板IPO审核状态变更为"已受 理"，拟募集资金75亿元，投向"可重复使用火箭产能提升项目"（27.7亿元）与"可重复使用火箭技术提 升项目"（47.3亿元），港股参股公司金风科技股价大涨20%。 蓝箭航天是国内头部民营商业航天企业，2023年实现全球首枚液氧甲烷火箭"朱雀二号"入轨，2025年12 月完成"朱雀三号"中大型可重复使用火箭首飞入轨，系国内首次尝试一级回收的运载火箭，当前已具 备"研发-制造-试验-发射"全产业链交付能力，此次IPO是上交所12月26日发布《商业火箭企业适用科创 板第五套上市标准指引》后的首单，标志着资本市场对商业航天产业的支持落地。 华源证券认为，蓝箭航天冲击"国内民营商业火箭第一股"具有标志性意义，其"朱雀三号"首飞验证液氧 甲烷可重复使用技术路线可行性，且已与中国星网、垣信卫星签订发射服务合同，中标"一箭18星"订 单。当前商业航天处于商业化关键拐点，政策将其列为"新质生产力"重要方向，未来卫星部署加快，对 可重复使用火箭需求旺盛。 斯瑞新材：公司已与蓝箭航天、九州云箭、深蓝航天等国内头部商业航天企业建立深 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Blue Arrow Aerospace's IPO represents a significant event in China's private commercial aerospace sector, focusing on the development and production of liquid oxygen-methane engines and launch services for reusable rockets [3][8] - The company aims to raise a total of 7.5 billion yuan, primarily for projects enhancing the capacity and technology of reusable rockets, which is expected to strengthen its delivery capabilities across the entire rocket lifecycle [3][8] - The commercial aerospace sector is experiencing robust growth driven by policy support, marking a critical turning point in commercialization and positioning it as a potential trillion-yuan strategic emerging industry [9][11] Summary by Sections Section 1: Blue Arrow Aerospace's Market Position - Blue Arrow Aerospace is set to become the first private commercial rocket company listed in China, focusing on reusable rocket technology and aiming to establish a comprehensive aerospace technology ecosystem [3][8] - The company has successfully developed over 140 units of its "Tianque" series liquid oxygen-methane engines and achieved significant milestones, including the successful launch of China's first reusable liquid oxygen-methane rocket, "Zhuque-3" [10] Section 2: Industry Trends and Opportunities - The demand for low-cost, high-frequency rocket launches is expected to increase significantly due to the accelerated deployment of satellite constellations, such as the "GW Constellation" and "Qianfan Constellation," which plan to deploy over 12,990 and 15,000 satellites, respectively, by 2030 [9][10] - The commercial satellite internet and remote sensing sectors are anticipated to drive demand for Blue Arrow Aerospace's services, positioning the company favorably within the expanding commercial aerospace market [11] Section 3: Investment Recommendations - Investors are advised to pay attention to companies associated with Blue Arrow Aerospace, including Jin Feng Technology and its supply chain partners such as Srei New Materials and Aerospace Power [11]

Investment Rating - The report suggests a "Buy" rating for the commercial aerospace industry, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [8]. Core Insights - The report highlights that Blue Arrow Aerospace's IPO has been accepted, marking a significant milestone in the industry as it transitions from a 1 to N phase in the supply chain [4]. - The company has a concentrated ownership structure, with Zhang Changwu holding 23.47% of the shares and controlling 75.20% of the voting rights [4]. - Revenue from 2022 to 2024 shows a significant increase from 0.78 million to 39.5 million, with a projected revenue of 36.43 million in the first half of 2025, primarily from a single client [4]. - The report notes that the company has incurred net losses, with figures of -800 million, -1.19 billion, -880 million, and -600 million for the years 2022 to 2025 H1 [4]. - Major expenditures include costs related to rocket launch services and R&D, with costs rising from 34 million in 2022 to 208 million in 2024 [4]. - The company plans to raise 7.5 billion for projects aimed at enhancing reusable rocket capacity and technology, with specific investments allocated to various production sites [4]. - Blue Arrow's "Zhuque" series rockets have achieved significant milestones, including being the first liquid-fueled rocket to enter mass production in China's private aerospace sector [4]. - The global rocket launch service market is projected to grow from 16.5 billion in 2023 to over 50 billion by 2032, indicating substantial market potential [4]. - The report recommends monitoring companies related to 3D printing and suggests several firms for investment consideration, including Jiangshun Technology and Changchuan Technology [4]. Summary by Sections Company Overview - Blue Arrow Aerospace's IPO status is currently "Accepted" as of December 31, with a focus on enhancing production capabilities and technology [4]. - The company has a concentrated ownership structure, with significant control held by a single individual [4]. Financial Performance - Revenue growth from 2022 to 2024 shows a substantial increase, with a notable reliance on a single client for income [4]. - The company has reported consistent net losses over the past few years, indicating financial challenges [4]. Expenditure Analysis - Major costs are associated with rocket launch services and R&D, with a clear upward trend in expenses [4]. Market Potential - The global market for rocket launch services is expected to see significant growth, driven by increasing satellite deployment needs [4]. Investment Recommendations - The report suggests a focus on companies within the 3D printing sector and highlights specific firms for potential investment [4].

Group 1 - Blue Arrow Aerospace's IPO status is "accepted" as of December 31, with a timeline of approximately 5 months from the listing guidance registration to the acceptance of the prospectus [1] - The company specializes in commercial space launch services using liquid oxygen-methane rockets, with its core product being the "Zhuque" series rockets, including the Zhuque-2 and Zhuque-3, the latter being China's first reusable rocket to successfully reach orbit [1] - As of June 30, 2025, the company's total assets are projected to be 6.353 billion yuan, with a debt-to-asset ratio of 40.36% [1] Group 2 - The company plans to raise 7.5 billion yuan through its IPO, which will be fully allocated to projects aimed at enhancing reusable rocket capacity and technology [2] - Blue Arrow Aerospace has signed formal launch service contracts with China Star Network and Yuanxin Satellite, and its Zhuque-3 rocket has been selected as a core supplier for China Star Network [2] - The demand for commercial launch capacity is significant, with over 60,000 satellites projected to be needed in China, indicating a vast market potential for commercial rockets [2] Group 3 - The commercial space industry is highly competitive, with U.S. companies dominating the market due to their advanced reusable technology and cost-effective launch services [3] - The actual controller of Blue Arrow Aerospace is Zhang Changwu, who holds 75.2019% of the voting rights, despite not having a background in aerospace [3] - Zhang Changwu has a background in economics and management from Tsinghua University and has previously worked in automotive finance before entering the commercial space sector [3]